Toubani Resources Inc. (TSX-V:TRE) has said it is encouraged by drilling so far at the Kobada Est area of its Kobada gold project in Mali, which has shown high-grade gold.
Auger drilling at Kobada Est began on April 7 this year and, so far, 6,878 metre (m) of drilling has been completed, focused on previously identified targets based on soil geochemical sampling and geophysical interpretations.
Highlight assays include 0.69 grams per ton (g/t) gold over 8m from 2m depth in one hole at Target (NYSE:TGT) E, including 78.9 g/t gold over 2m starting from 4m depth, and 1.81 g/t gold over 8m from 10m depth in another.
"Our auger drilling campaign is the next step of regional exploration to meet conditions on our two exploration permits (Kobada Est and Faraba). The wide spaced drilling programme was designed to identify trends above the background gold grade which then warrants further follow up with targeted drilling," said Toubani CEO Danny Callow in a statement.
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"We are very pleased with the results from the initial drilling, particularly in Target E where substantial high-grade intersections occurred. We have targeted additional drilling along strike in this area. These results are extremely encouraging and show the future upside exploration potential of our sizeable land package. It should be noted that this drilling is in an area previously untested, and therefore identifies further upside from what has been reported before.
"Our success with the drill bit, that has seen a 40% increase in overall resource, and 140% increase in reserves shows that the Kobada and adjacent concessions are highly prospective and require further exploration to further increase resources and ultimately reserves," he added.
Toubani noted that Target E— the central portion of the Kobada Est Shear—was showing the best potential for elevated mineralisation with Target Q also returning "some promising" results.
"The initial auger drilling results have identified Target E as the highest priority area for additional drilling to test these anomalies further. Additional auger drilling is currently underway to test the possible northern extension of Target E," said the company.
Follow up drilling will be required in the future to test the possible lateral and strike extensions, it added, while Target E, Targets Q and L results also suggest additional follow-up work is required.
Toubani Resources is focused on building Africa's next mid-tier gold producer and its main asset is the Kobada project in southern Mali, which is in an advanced stage having completed the 2021 definitive feasibility study and is targeting gold production of 100,000 ounces (oz) per annum.
As well as the initial Kobada gold project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering the potential for an increase in resource, it says.
Contact the author at giles@proactiveinvestors.com